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Turkey CCI Falls

Turkey’s consumer confidence index fell in December after a dramatic higher move in November, Turkish Statistical Institute said in a report Monday, Anadolu Agency reported. The index fell to 73.58 in December from 77.15 in November, the report said. The index had jumped to a high reading in November from 62.78 in October. Worries about employment seemed to have been predominant. The number of people in the unemployed expectation index decreased by 7.4% compared with the previous month. General economic confidence also dropped by 5.6% in December, the report said. But confidence in savings improved; the probability of savings index was up 1.9%. Better performance by the Turkish lira may help confidence improve in the near future. Since the US Federal Reserve raised interest rates on Dec. 16, the Turkish lira has been higher against the dollar, rising from about 2.96 to the dollar before the rate hike to about 2.91 on Monday.